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Ottawa Office MarketView Q3 2018

•The Ottawa office vacancy rate fell to 8.8% in the third quarter of 2018, down 210 bps year-over-year, with a positive net absorption of 440,309 sq. ft.

•The Confederation LRT line has been delayed yet again and likely won’t be ready for ridership until 2019. This is the second time in 2018 the deadline will be missed in opening the line.

•With the recent increase of requests for expression of interest in leased office space, it appears that the federal government has reversed course and is set for growth not only in the CBD but city-wide.

•Kanata Class A vacancy continues to see falling vacancy rates, closing the third quarter of 2018 at 7.1%, down 100 bps quarter-over-quarter and 520 bps year-over-year. As vacancy continues to decrease and quality space is absorbed, new development is likely around the corner. The first to market will be in an advantageous position.